The Trump administration's proposed price transparency rule won't give consumers a better understanding of how much they will pay for healthcare services, Kenneth Davis, MD, president and CEO of Mount Sinai Health System in New York City, told Yahoo Finance's "First Trade" on July 30.
The rule, which was included in the proposed 2020 Outpatient Prospective Payment System, requires hospitals to list payer-specific negotiated rates in a consumer-friendly way. CMS believes the rule will help consumers price-shop for care.
However, Dr. Davis told Yahoo Finance the complexity of insurance copays, deductibles and policy details render the hospital negotiated price lists useless for patients. He believes payers should have the responsibility to provide price information.
"There are so many nuances in the insurance policies that going on our site isn't going to tell you what you're really going to pay," Dr. Davis told Yahoo Finance. "You need the insurance information, and that's the information that's available from the insurance company. They know negotiated prices. So you're really asking the wrong people to disclose the information."
Major hospital associations also opposed the move, calling it "misguided."
Read the full story here.
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